July 31 (UPI) -- The Guatemalan government has introduced key legislation to modernize its money laundering laws and prevent the country from being added to the international financial system's "gray list" -- a designation that could raise borrowing costs and limit access to credit.
President Bernardo Arévalo formally submitted the bill to Congress on Tuesday, calling it a strategic tool to strike at the "heart" of organized crime and drug trafficking.
During the launch of a program aimed at integrating Guatemalan companies into Walmart's supply chain in Central America, U.S. Ambassador Tobin Bradley stated that "the new anti-money laundering law is a platform for transparency and for attracting more investment to Guatemala."
The proposal updates laws from 2001 and 2005 that officials say are outdated and inadequate for confronting modern money laundering and illicit financing schemes.
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